From CNBC: 2025-05-10 10:08:00

Ric Edelman, of Edelman Financial Engines, emphasizes the urgent need for improved financial literacy in the U.S. as people live longer and face greater financial risks. He warns against get-rich-quick schemes promoted by new investing platforms, stressing the importance of credible financial education sources and simpler, more transparent financial products.

Young investors are drawn to risky strategies like options trading, driven by platforms like Robinhood. Edelman criticizes the complexity of financial products manufactured by corporate America, which he believes are designed to trap consumers. He highlights the lack of personal finance education in high schools and praises states like Utah for mandating personal finance courses for graduation.

Despite financial challenges facing young investors, Edelman sees hope in their motivation to achieve financial success. He encourages them to seek credible financial education sources and avoid falling for overly complex financial products. The push for improved financial literacy in schools is gaining momentum, with 27 states now requiring personal finance courses for high school graduation.

Read more: America failing its young investors, warns financial guru Ric Edelman